LONDON: Middle Eastern nations have seen the value of their brand grow this year, while Russia’s has fallen by billions of dollars, according to a report by a London-based consultancy firm.
the firm said that Saudi Arabia’s nation brand value had increased 7 percent to $768 billion.
Brand Finance, a brand valuation company, measures the relative strength of national brands through a balanced scorecard of metrics evaluating brand investment, equity, and performance.
The Kingdom is catching up with the UAE, which has the most valuable nation brand in the Middle East, up 3 percent to $772 billion. Israel is third at $393 billion, up 17 percent, while Qatar is fourth having seen its value fall by 3 percent to $217 billion.
Andrew Campbell, the managing director of Brand Finance Middle East, told Arab News that the Saudi value had grown “significantly” thanks to its efforts to open up to the world.
“Saudi Arabia is being recognised world-wide for opening up to increased business and trade. Further, the opening of tourism by leveraging its cultural heritage is leading to high ratings for influence and familiarity across the world,” he said.
The UAE ranked highest globally in brand performance, with a score of 80.5 out of 100 in part due to a successful coronavirus pandemic response that allowed it to open for business sooner than many other countries.
Campbell noted that the UAE had received “global acclaim for its response to COVID-19. The UAE is attracting more trade, tourism, investment, and talent than other nation brands.”
Russia suffered the largest drop in brand value in the world this year, down $144 billion compared to 2021.
It means the country’s brand value has fallen by a third from its pre-pandemic figure of $960 billion. It is now placed at 24th among the world’s top 100 nations, sitting between Belgium ($647 billion) and Austria ($570 billion).
The US leads the chart at $26.5 trillion, while China is second at $21.5 trillion. In third place is Germany, at $4,500 billion.